https://www.salon.com/2018/07/21/the-first-casualties-of-the-trade-war-are-trump-supporters/
"The US Chamber of Commerce, America’s business voice, states that these actions threaten 2.6 million U.S. jobs. 468,790 US jobs are estimated to be lost from the steel and aluminum tariffs alone. Over 41 percent of clothes, 72 percent of shoes, and 54 percent of non-leather handbags sold in the US are made in China and will likely now be more expensive. As a result of the EU’s retaliatory tariffs, Harley Davidson is moving some production of its iconic American motorcycle out of the US to the EU, which it says “is not the company’s preference”. Trump’s trade wars promise both immediate and longer-term economic effects. BlackRock’s CEO Larry Fink stated that intensifying trade tensions could reduce stock prices by 10 to 15 percent, spur a broad market downturn and slow down the U.S. economy. In June, investors withdrew $12.4 billion from global stocks, the fastest withdrawal since the 2008 financial crisis. That same month, the market values of US corn, soybeans, and wheat crops dropped $13 billion, about 10 percent. Reflecting a 25 percent Chinese tariff, US soybean prices fell by 16 percent to their lowest level in ten years, after having exported some $12 billion to China last year (56 percent of all US soybean exports). According to Mr. Rusty Smith, a corn and soybean farmer in Cotton Plant, Arkansas, this price drop is “like $100,000 that has disappeared into thin air. We were already in the red, and now it’s even worse.” Bloomberg Economics estimates that all these tariffs could cost the global economy $470 billion, reduce global trade by 3.7 percent, and shrink the US economy by 0.9 percent by 2020. In the US, who will be most affected? The emerging conclusion is Republican states, Trump voters, and small business people."
